Deal insight

Apache acquires interest in Beryl Area for US$1.75 billion

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Report summary

Apache is to acquire a package of UK assets from ExxonMobil for US$1.75 billion. The key interests are a 50% operated interest in the Beryl Area, plus operated interests in surrounding subsea tie-backs. This is a landmark transaction in the European M&A market: the biggest asset deal since 2005, and the largest disposal by any Major to date.Our base case valuation of the deal is US$1.33 billion. However, this number reflects the development plans of the current operator, ExxonMobil. For ...

What's included

This report contains

  • Document

    Apache acquires interest in Beryl Area for US$1.75 billion

    PDF 543.36 KB

Table of contents

  • Executive summary
  • Transaction details
    • Beryl Area
    • Nevis South
    • Other interests
      • Forties lesson 1: Apache has an outstanding track record of delivering organic upside
      • Forties lesson 2: value creation through M&A is a tough game
      • Partner alignment and risk of pre-emption
      • Abandonment liability
      • Focus
    • ExxonMobil perspective
  • Oil & gas pricing and assumptions

Tables and charts

This report includes 9 images and tables including:

Images

  • Wood Mackenzie base production forecasts; 1) acquired portfolio (net to Apache); 2) Beryl (gross field)
  • Forties production: Wood Mackenzie 2003 view vs. current view
  • Wood Mackenzie analysis of value creation through Forties acquisition

Tables

  • Executive summary: Table 1
  • Deal analysis: Table 1
  • Deal analysis: Table 2
  • Oil & gas pricing and assumptions: Table 1
  • Oil & gas pricing and assumptions: Table 2
  • Upstream assets: Table 1

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